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Conference following the December meeting of the Monetary Policy Council

Date: 03-12-2014

At its December meeting, the Monetary Policy Council decided to keep interest rates unchanged.

The Monetary Policy Council, which held a meeting on 2 and 3 December, decided to leave the NBP interest rates at the previous level. Thus, the reference rate continues at 2.00%, the lombard rate at 3.00%, the rediscount rate - at 2.25%, and the deposit rate at 1.00%.

The press conference following the meeting was attended by the President of NBP, Professor Marek Belka, as well as Professors Jerzy Hausner and Adam Glapiński.

The note released after the meeting reads: "In the opinion of the Council, the October adjustment of monetary policy and the stable, despite some slowdown, economic growth, limit the risk of inflation remaining below the target in the medium term. (...) However, the Council highlights that uncertainty regarding the economic conditions in the environment of the Polish economy persists. If the incoming data confirm a slowdown in economic activity, and weak growth in the environment of the Polish economy persists, the Council does not rule out further adjustment of monetary policy.

When answering the questions posed at the conference President Marek Belka added that the information incoming during the past month has boosted - even if marginally so - Poland's economic outlook. He went on to say that in his personal opinion, the most important message is the structure of GDP growth in the third quarter of 2014.

"If, at its previous meeting, the Council did not opt for an interest rate cut, highlighting the uncertainty of the economic outlook, then today the Council have certainly been confirmed in their conviction", observed the MPC Chairman further.

In response to the question about deflation persisting in Poland, Professor Belka said that in its monetary policy strategy, the MPC adopted a flexible approach towards the manner in which to achieve the inflation target. "This means that if inflation unaffected by domestic factors sinks to very low levels, there is no need to act frantically. I think we are people of restraint as far as monetary policy making is concerned", he added.

NBP interest rates

Reference rate 6.75
Lombard rate 7.25
Deposit rate 6.25
Rediscount rate 6.80
Discount rate 6.85

Exchange rates

Table of 2023-02-03
1 EUR4.6920
1 USD4.2928
1 CHF4.7023
1 GBP5.2571
100 JPY3.3391

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